FAFSA considers child support and alimony, however, so having the student live with the less well-off parent won’t necessarily help increase financial aid awards if that parent receives considerable child support and/or alimony from the better-off parent.
Does FAFSA count child support as income?
If you provide less than half support to the child, you do not get to count the child in household size. Instead, you report your actual child support payments on the FAFSA, which has the effect of reducing total income by the amount of your actual child support payments.
Who is responsible for student loan debt after divorce?
Debt assumed during a marriage in a community property state is considered the couple’s joint debt, but Stanley Tate, a student loan attorney in the St. Louis suburbs, said this reality is misleading. A divorce settlement, Tate said, might state that the divorced couple will each be responsible for the student loan debt — but the lender won’t care.
How to support your child or partner’s student finance application?
Your household income is the combined income of you and your partner (even if you were not living with them during the previous tax year). Once your child or partner has applied, you’ll get an email within 24 hours with a link so you can provide your information. You might need to create an account.
Can a spouse help you pay off student loans?
That doesn’t necessarily mean that your spouse can’t or won’t help you with paying off debt. For example, under this model one spouse might pay the majority of rent and bills while the other focuses on debt repayment. Some people believe that when you’re married everything should be done as a team.
Can a spouse cosign on a partner’s student loan?
(A spouse can cosign on a partner’s income-driven repayment application, but you’re not obligated to repay the loan.) No and yes. Your ex-spouse will remain solely liable for their loans if you get a divorce, unless you live in a community property state.
